Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

Articles

3 steps to getting a personal loan for your holiday in Australia

Summer’s looking a little different this year. And for many Aussies it means planning a holiday in their own backyard rather than jetsetting overseas. But with Christmas spending season around the corner and many wallets feeling tighter, covering the cost of an Australian trip may seem like a little more of a stretch. That’s where a personal loan might help you. “Using a personal loan to cover an Aussie adventure could be a great way for travellers to spread the cost of their trip,” Mozo Director, Kirsty Lamont said. “Unlike credit cards, personal loans offer a more structured repayment plan for borrowers with weekly, fortnightly or monthly options. Not to mention, customers could snag a more competitive interest rate, with some personal loan offerings sitting below 5%”So why not just use a credit card? Well, currently on the Mozo database, the average secured personal loan rate sits at 7.96% and the average unsecured personal loan rate is 10.26%. Alternatively, the average credit card rate is 16.35%. While a credit card may give you the flexibility when it comes to the potential cost of a trip, a personal loan may end up saving you in the amount you pay in interest. 

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Renovating in 2021 a personal loan could be what you need

Renovating in 2021? A personal loan could be what you need

Ready to leave 2020 in the past and have a full on 2021 refresh? Join the crowd!  While we can’t help you with things like getting fit, finding love or kicking lingering lockdown habits, maybe home renovations is on your list of next year’s to-dos.Depending on whether you are planning a whole house makeover or simply sprucing up the kitchen, the cost of your renovation is essentially up to you and your budget. If you’ve collected all your 2020 savings and you have enough to cover your planned reno, well done! But if not, you might want to consider your lending options to cover some of the costs: one being a personal loan. “It’s no secret that renovations can be expensive, so Aussies looking to give their home a facelift need to get savvy when it comes to covering what can be a hefty price tag,” Mozo Director, Kirsty Lamont says. “With some personal loan rates sitting below 4%, now could be the time to take advantage of low rate lending. But, it’s important to stick to a budget when borrowing for renovations and to make changes that will increase the overall value of the property when it comes time to sell.” 

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Winners announced in the mozo experts choice awards for personal and car loans

Winners announced in the Mozo Experts Choice Awards for personal and car loans

Whether you’ve had your sights set on a new set of wheels, renovating your home, taking that road trip around the country or perhaps consolidating your debt into a low rate repayment, now might be the time to consider getting yourself a personal or car loan to reach those financial goals.But where do you begin? With so many options out there, shopping around can be daunting, but comparing loans is a must! So a great place to begin your search are with the winners of the Mozo Experts Choice Awards for personal and car loans.“We compared a massive 334 personal lending products on offer from 88 Australian financial institutions and found a vast difference in interest rates from provider to provider,” said Peter Marshall, Mozo Experts Choice Awards judge.  “Our in depth analysis highlighted why it is so important to shop around, and with a myriad of smaller online lenders out there competing for your business, you could be paying more than you need to by not comparing your options beforehand.”Personal Loan Provider of the Year

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Personal loans report 2020 how prices have changed and where to find the best deal

Personal Loans Report 2020: How prices have changed and where to find the best deal

The idea of borrowing money on credit has been around since the earliest marketplaces. Indeed, money lending can be traced back as far as the Roman Empire and ancient Greece. What has changed over time is how loans work. Modern day lenders are subject to many more regulations, and loans can be firmly categorised as either secured or unsecured. Plus with the introduction of Comprehensive Credit Reporting (CCR) and the phasing in of Open Banking in recent years, your personal story is crucial to your personal loan. In other words, the amount you need to borrow, together with your credit history, will help determine what loan you choose. In the following report, we’ve broken down the current marketplace, looking at the best personal loans in 2020 compared to a year ago. We also share tips on improving your credit score and how to save money on your loan overall.

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Don’t get stung by high personal loan rates

Don’t get stung by high personal loan rates

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

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Top personal loan tips and traps

Top personal loan tips and traps

Personal loans are likely to become increasingly popular in coming months as Australians look to consolidate debt, finance long-planned home projects or simply avail themselves of some extra cash in these economically tough times. 

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Articles

5 reasons you might need a personal loan this summer

2020 has been an odd one to say the least. Whether your travel plans have been cancelled, you’ve rearranged your wedding or home renovation, or your finances simply aren’t what they used to be, a personal loan might help you get back on track. It’s true, in some cases it’s more convenient to reach for your credit card to make purchases. But if you have a big expense coming up or find yourself needing to cover a large bill, a personal loan may actually be the better option. According to the Mozo database, the average interest rate on a secured personal loan sits at 8.01% and the average unsecured personal loan rate sits at 10.24%. Meanwhile the average credit card interest rate is 16.35%. So, if you think that your situation might be a good one to consider a personal loan, check out some of these examples below. 

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Now finance drops fee free personal loan

NOW FINANCE drops fee-free personal loan

Today, Aussie lender NOW FINANCE introduced a no fee feature on its personal loan. That’s right, no fees. For customers applying for the NOW FINANCE Unsecured Personal Loan, and borrowing between $5,000 and $15,000, there are no fees at all. Meaning borrowers won’t pay establishment fees, ongoing fees or an early repayment penalty. However, for loans over $15,000 customers will pay fees, including a $495 upfront cost and $13 monthly service fee. So, if you’re on the hunt for a small personal loan, introduce yourself to NOW FINANCE’s newest fee-free offer:

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